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Explain how governments use fiduciary and permanent funds. The McCracken County Humane Society (MCHS), which is part of a county's reporting entity, established a permanent fund to provide support for its pet neutering program. As of the start of the year, the fund had a balance of $600.000, composed of both cash and marketable securities. The program itself, which is accounted for in a special revenue fund, is funded by both direct contributions and the income from the permanent fund. At the start of the year, the special revenue fund had assets (all invested) of $26,000. The following transactions and events happened in a recent year: 1. The MCHS conducted a Walk Your Pet Day fundraising drive. The event raised $120,000 of which $20,000 was in pledges expected to be collected shortly after year-end. 2. The society acquired food and medicine at a cost of $60,000 (cash). During the year it used $30,000 of these supplies. The society accounts for supplies on a consumption basis. It incurred other operating costs (all paid in cash) of $85,000. 3. The society earned interest of $45,000 on investments accounted for in the permanent fund. 4. During the year, the market value of the investments held by the permanent fund increased by $30,000. Per the terms of the agreement establishing the endowment, all capital gains, both realized and unrealized, must be added to principal. 5. During the year the value of investments held by the special revenue fund increased by $3,000. 6. The society transferred cash to the special revenue fund in the amount of the earnings of the special revenue fund. a. Prepare journal entries to record the events and transactions. Be sure you indicate the fund in which they would be recorded. b. In your opinion, should the unrealized gains on the investment held in the special revenue fund be expendable or nonexpendable? Explain.
Assume that retained earnings increased by $240,000 from December 31, 2005, to December 31, 2006, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.
Determine the inventory value using both the temporal and current methods. Show how this will be reflected on Royal Tea's statements and the consolidated statements of U.S. Beverages. Use the following information for this calculation:
Which of the following statements is correct concerning variable and fixed costs?
Describe two business sectors you might want to work in if you were an accountant and explain why in 150 to 200 words.
Prepare the appropriate journal entry to be made by Bayfield Company for the first lease payment. Prepare the journal entry to record the lease agreement on the books of Josh inc. on January 1, 2008
A physical inventory showed that only $369.00 worth of general office supplies remained on hand as of June 30. This did not include any of the Super RoutePro. There were 5 units of Super RoutePro on hand. We use FIFO to determine the valuation of ..
A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.
In 2012, Warren sold his personal use automobile for a loss of $9,000. He also sold a personal coin collection for a gain of $10,000. As result of these sales, $1,000 is subject to income tax.
A method of estimating bad debts expense that involves a detailed examination of outstanding accounts and their length of time past due is the:
Refers to the establishment of a new accounting and reporting basis in an acquired company's parent's financial statements. Is where the purchase price is "pushed down" on the acquirer's financial statements and used to restate the carrying value of..
Compute pension expense and prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2010.
Roxanne is an aerobics (Jumping Jacks) instructor. She submitted a list of her business expenses to you. The list includes: DVD player $500; CD Music $500; Leotards and Tights $500; Towels $500; Mats $500. Which expenses would you allow?
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